ApeCoin Is Close to Breaching Its Consolidation!

ApeCoin is freshly new in the crypto world but has quickly made its position amongst the market leaders. The currently traded value is slightly lower than its initial value, which rose to $18. ApeCoin currently ranks at 39th position with a market capitalization of $3.39 billion with just 28% of tokens into circulation. Once fully liquidated, ApeCoin would be worth above $12 billion. There is huge potential in this cryptocurrency, and it only awaits decent breakout levels to emerge as a victor and place amongst the market-dominant cryptocurrencies. 

ApeCoin Price Analysis 

The current price trend indicates a consolidation in place that could last a few more weeks before ApeCoin gets a technical push to retest $15 in real-time and higher value in the coming weeks. The last attempt to breach the $15 level reciprocated in profit booking, and investors and current buyers are all hoping to retest the value of $20 in the coming days. ApeCoin price chart

ApeCoin gets support from the $10 level, which seems to have become a psychological level for investors. While $15 has not been tested in April so far, such a situation would ideally create a FOMO amongst buyers to take advantage of the prices before ApeCoin hits a new territory. The one-day chart shows a huge wick on the 18th April candle, which indicates buying at a lower value than helped ApeCoin close the day positively. 

On April 19, the price was getting hammered from the top, creating a reverse pin bar candle. These two candles only indicate a tussle going between buyers and sellers where the trend aligns with the positive side. ApeCoin has the potential for rapid growth and scale; combined with the fact that a limited number of ApeCoin is in supply, a rise in sudden demand could take ApeCoin to new heights. 

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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